Intact Financial (TSE:IFC) Sets New 1-Year High After Dividend Announcement

Intact Financial Co. (TSE:IFC)’s share price reached a new 52-week high during mid-day trading on Tuesday after the company announced a dividend. The stock traded as high as C$271.93 and last traded at C$271.93, with a volume of 26029 shares traded. The stock had previously closed at C$269.61.

The newly announced dividend which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be issued a $1.21 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $4.84 annualized dividend and a yield of 1.83%. Intact Financial’s dividend payout ratio (DPR) is currently 42.61%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. CIBC upped their price target on shares of Intact Financial from C$250.00 to C$270.00 and gave the company an “outperform” rating in a report on Thursday, August 1st. National Bankshares raised their target price on Intact Financial from C$294.00 to C$296.00 in a report on Wednesday. BMO Capital Markets upped their price target on Intact Financial from C$275.00 to C$290.00 in a report on Thursday. TD Securities increased their price objective on Intact Financial from C$293.00 to C$300.00 in a research report on Wednesday. Finally, Cormark boosted their target price on shares of Intact Financial from C$250.00 to C$260.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Intact Financial has a consensus rating of “Moderate Buy” and a consensus target price of C$274.90.

Intact Financial Price Performance

The company has a debt-to-equity ratio of 31.26, a current ratio of 0.36 and a quick ratio of 0.28. The stock’s 50 day simple moving average is C$259.90 and its two-hundred day simple moving average is C$243.33. The stock has a market cap of C$47.08 billion, a price-to-earnings ratio of 23.24, a P/E/G ratio of 2.01 and a beta of 0.57.

Insider Buying and Selling

In related news, Senior Officer Kenneth Anderson sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of C$253.88, for a total transaction of C$507,759.00. Company insiders own 0.24% of the company’s stock.

About Intact Financial

Intact Financial Corporation, through its subsidiaries, provides property and casualty insurance products to individuals and businesses in Canada, the United States, the United Kingdom, and internationally. The company offers insurance, such as personal auto which provides coverage from accidents, third party liability, and physical damage; personal property which provides protection for homes and contents from risks, including fire, theft, vandalism, water damages, other damages, and personal liability; and commercial line and specialty line insurance which provides commercial auto, property, and liability coverages.